The G7 cybersecurity working group put out a report telling organizations to start moving to post-quantum cryptography (PQC) right away. Its warning was blunt: quantum computing is a security threat and an economic threat to public and private institutions. And this shift will not happen fast. The group said the migration process could take years, while attackers are already gathering and saving encrypted data now so they can decrypt it later, once quantum computers become powerful enough. It also warned that quantum computing could crack digital signatures, opening the door to identity theft and leaving companies and their supply chains exposed.
The report does not mention cryptocurrencies outright. But blockchain wallets and transaction approvals depend on the same kind of public-key cryptography. Right now, quantum computers still are not strong enough to break Bitcoin's cryptography, though developers are looking at post-quantum fixes such as BIP-360. Ethereum researchers are preparing to swap out several cryptographic components used by accounts, validators, and applications. The Solana Foundation has been testing post-quantum signatures on its testnet, and it has rolled out an optional hash-based vault. The G7 working group also called on governments to back research, public-private partnerships, and national PQC strategies. (Decrypt)